In the poll, 57% of voters believe Musk should step down as Twitter CEO. It is not yet known whether Musk will step down, but some media outlets said Musk is actively looking for a new Twitter CEO. Twitter, which is full of feathers, is now in trouble: The US Federal Trade Commission (FTC) has stepped up its review of Twitter acquired by Musk for security reasons. Tesla still couldn’t stop the bleeding on Tuesday and was down 6% intraday.
Twitter owner and CEO Musk is looking for a new CEO of the company on Tuesday, December 20, according to media reports.
Musk, who bought the company in October for $44 billion, has previously said his role as CEO will be temporary.
Last weekend, Musk launched a Twitter vote to “Should I step down as head of Twitter” and said he would stick to the results of the vote. Among the more than 17 million people who ultimately voted, some 57% of voters believed Musk should step down as CEO of Twitter. However, he tweeted on Sunday that there was “no successor”.
In court in November, Musk said:
I hope to reduce the amount of time I spend tweeting and find more people running Twitter over time.
But he wrote on Sunday:
The problem isn’t finding a CEO, the problem is finding a CEO who can keep Twitter alive.
According to media reports, Musk’s search for the new Twitter CEO went ahead and started before the poll began.
Now Twitter, which is everywhere, seems to be in trouble. Also on Tuesday, media reports said the US Federal Trade Commission (FTC) has stepped up its scrutiny of Musk’s takeover of Twitter over security concerns. Media outlets quoted people familiar with the matter as saying FTC attorneys questioned the two former executives over the past month about whether Twitter could comply with the agency’s 2011 consent order after Musk took over. The broader investigation was triggered by the departure of many of the social media company’s legal, privacy and compliance chiefs after Musk took the helm.
The FTC has opened a new investigation on Twitter following a complaint by the firm’s former chief cybersecurity officer, Peiter Zatko, people familiar with the matter said. Zatko testified before Congress in September, calling the platform a “time bomb for security breaches.”
Musk seeks new investors for Twitter
After the Twitter takeover, Musk seems to think it’s a hot potato and has already started preparing for Twitter to find new investors.
last Friday,News from Wall StreetMusk is said to be seeking new investors for Twitter at a price of $54.2 per share, which is also the price at which Musk originally acquired and privatized Twitter. The media have quoted twoInformed sourcesThe CEO of Musk’s family office is looking for new equity investors for Twitter as users and advertisers flee and debt payments loom, according to Bloomberg.
Informed sourcesJared Birchall, Musk’s personal manager, reached out to prospective investors last week, the report said. According to media reports, an office document shows:
We’ve had a flood of investment inquiries on Twitter over the past few weeks. We are therefore pleased to announce a subsequent stock offering of common stock at the original price and terms, with the aim of closing the transaction before the end of the year.
Investors are concerned about Musk’s handling of other companies
Musk’s handling of Twitter has raised concerns among investors about other businesses he oversees.
Musk sold billions of dollars worth of Tesla stock this year to fund the Twitter takeover. He has also recruited talent from his hometown Tesla, SpaceX and Boring Co., including executives, engineers and lawyers, who are assisting him on Twitter.
In the past week alone, Tesla stock price fell 16%, which is the largest weekly drop since the outbreak in March 2020. Investors are particularly concerned about Musk’s distraction in the current macro environment of uncertainty . Some investors have called on Musk to relinquish control of one of his companies. In intraday trading on Tuesday, Tesla’s stock price fell sharply again by more than 5%. Since the beginning of this year, the company’s stock price is down more than 60%.
Senator Elizabeth Warren, D-Massachusetts, sent a letter to Tesla Board Chairman Robyn Denholm on Monday expressing concerns that Musk and the board may be in breach of their legal obligations to Tesla shareholders.
Warren, who has previously fallen out with Musk over the idea of a wealth tax, asked the board to answer specific questions about the alleged misappropriation of Tesla’s assets and conflicts of interest arising from Musk’s takeover of Twitter .
In a tweet on Monday night, Musk replied:
America was certainly hurt by having Warren in the Senate.
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